Note:

When a Partnership is listed as a partner within a partnership listing, secure written authorization from the partners listed within the Tier 2 partnership, Tier 3, etc.

The copy of the election or a statement under penalties of perjury from the tax matters partner must state:

"The partnership XXXXXX, EIN has made an election pursuant to IRC 761. As a result, it is not required to file Form 1065, U.S. Return of Partnership Income, on an annual basis and all its members report their respective shares of income, deductions, and credits on their tax returns as required."

IRC 761 electing partnerships, in addition to meeting the requirements in this section, must meet all the requirements of a partnership applicant except for having to file Form 1065.

When the partnership has met all the application requirements for an IRC 761 case, complete the following:

Enter all standard information.

Check the IRC 761 checkbox.

Leave the Tax Form box blank.

Check the "Not Required" checkbox.

Enter the partners list.

Once all the steps in (8) are complete, the case must be saved. The partnership generates a 091 status, and the individual partners generate a 600 status.

The partnership will not go through the automated IDRS system.

When one or more of the partners are U.S. residents:

Override the status 091 to status 099.

Issue the certification with the list identifying the U.S. partners.

Use one of the paragraphs in the PTR.IRC761 series.

When none of the partners are U.S. residents, reject the application using letter 3443.